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Sep 30, 2025
Americold Q3 2025 Earnings Report
Americold Realty Trust reported a decrease in total revenues and a net loss for the third quarter of 2025, primarily due to lower volumes in the warehouse segment and increased operating expenses.
Key Takeaways
Americold Realty Trust experienced a challenging third quarter in 2025, with total revenues decreasing by 1.6% year-over-year to $663.7 million and a net loss of $11.4 million. The decline was mainly attributed to lower volumes in the warehouse segment, a competitive market, and changes in consumer buying habits. Despite these headwinds, the company delivered an Adjusted FFO of $0.35 per diluted share, consistent with the prior year, and reaffirmed its full-year outlook for 2025.
Total revenues for Q3 2025 were $663.7 million, a 1.6% decrease from $674.2 million in Q3 2024.
The company reported a net loss of $11.4 million, or $0.04 loss per diluted share, compared to a net loss of $0.01 per diluted share in Q3 2024.
Core EBITDA decreased by 5.7% to $148.3 million, with the Core EBITDA margin falling to 22.3% from 23.3% in Q3 2024.
Adjusted FFO remained consistent at $0.35 per diluted share, matching Q3 2024 performance.
Revenue by Segment
Forward Guidance
Americold Realty Trust reaffirmed its full-year 2025 outlook, anticipating continued challenges in the warehouse segment but expecting positive growth in rent and storage revenue per economic occupied pallet and warehouse services revenue per throughput pallet.
Positive Outlook
- Warehouse segment same store rent and storage revenue per economic occupied pallet is projected to grow by 1.0% - 2.0% (constant currency).
- Warehouse segment same store services revenue per throughput pallet is projected to grow by 1.0% - 2.0% (constant currency).
- Transportation and Third-Party Managed segment NOI is expected to be between $40 million and $44 million.
- Adjusted FFO per share is guided to be between $1.39 and $1.45 for the full year.
- The company is exploring ways to further leverage partnerships and evaluate adjacent categories to strategically drive occupancy.
Challenges Ahead
- Warehouse segment same store revenue growth (constant currency) is projected to be between (4.0)% and 0.0%.
- Warehouse segment same store NOI growth (constant currency) is expected to be 50 to 100 bps lower than associated revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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